Perpetual Equity Investment Company Announces NTA of $1.197 Per Share as of 1 July 2026

PIC Reports Pre-Tax NTA of $1.197 Per Share at July 2026 Start

In its latest company update dated 2 July 2026, Perpetual Equity Investment Company Limited confirmed a Net Tangible Asset backing per ordinary share of $1.197 on a pre-tax basis as at 1 July 2026. This figure estimates the value of the company’s underlying investment portfolio per share before accounting for deferred tax provisions related to unrealised gains and losses within PIC’s holdings.

NTA is a key metric for LICs like PIC, providing shareholders and potential investors with a benchmark to compare the Intrinsic Value of the portfolio against the Market Price of the shares. Monthly NTA disclosures are standard for LICs listed on the Australian Securities Exchange and form an essential part of investor communication.

Post-Tax NTA of $1.188 Reflects Deferred Tax on Unrealised Portfolio Gains and Losses

The reported post-tax NTA stands at $1.188 per ordinary share, $0.009 lower than the pre-tax figure. This difference arises from provisions for deferred tax on unrealised gains and losses within PIC’s investment portfolio. Such deferred tax provisions are standard accounting practice for managed investment vehicles and do not represent actual cash tax payments.

The distinction between pre-tax and post-tax NTA is important for investors comparing PIC’s disclosed value with its share price. Under Australian LIC reporting conventions, the post-tax NTA is typically viewed as the more conservative measure, as it accounts for potential future tax liabilities if unrealised gains were realised at current tax rates. Both figures are unaudited and approximate, consistent with the interim nature of monthly NTA disclosures.

Implications of the $0.009 Difference Between Pre-Tax and Post-Tax NTA

The modest $0.009 per share gap between PIC’s pre-tax NTA of $1.197 and post-tax NTA of $1.188 indicates a moderate deferred tax provision on the net unrealised gains position within the portfolio after offsetting unrealised losses. A smaller gap generally suggests a lower net unrealised gain position, whereas a larger gap would imply more significant embedded gains and a higher deferred tax liability.

Deferred tax provisions fluctuate monthly in line with changes in portfolio valuations. As market prices vary, so do the unrealised gains or losses and the difference between pre- and post-tax NTA. Investors tracking PIC’s monthly NTA over time may find this differential a useful indicator of portfolio valuation shifts relative to the cost base of holdings.

Perpetual Investment Management Limited: PIC’s Investment Manager

The NTA figures disclosed were sourced from Perpetual Investment Management Limited (PIML), ABN 18 000 866 535, holding Australian Financial Services Licence (AFSL 234426). PIML manages PIC’s investment portfolio on behalf of shareholders and is a Subsidiary of the Perpetual Group, anchored by parent company Perpetual Limited (ABN 86 000 431 827).

As the appointed investment manager, PIML is responsible for calculating and providing NTA figures for disclosure. The company update was authorised by Sylvie Dimarco, Company Secretary of Perpetual Equity Investment Company Limited. The involvement of an established investment manager adds institutional credibility to the NTA reporting, although the figures remain unaudited at the time of release.

Understanding the Unaudited and Approximate Nature of Monthly NTA Figures

Perpetual Equity Investment Company has clarified that all NTA figures in this update are unaudited and approximate. This is standard for monthly LIC NTA releases, where the short timeframe between month-end valuation and disclosure precludes full audit. While believed accurate at compilation, these figures may be subject to minor revisions.

Though unaudited, these figures remain a valuable market reference. Audited NTA figures are provided in PIC’s half-year and annual financial reports, prepared under Australian Accounting Standards and reviewed or audited independently. For routine investment decisions, the monthly NTA release is the primary publicly available valuation benchmark between formal reports.

Contextualising PIC’s NTA Disclosure Within the LIC Market

Listed investment companies like PIC offer retail and institutional investors access to professionally managed, diversified equity portfolios via a single ASX-listed vehicle. Unlike unlisted managed funds priced daily at net asset value, LIC shares trade continuously on the ASX, with market prices driven by Supply and Demand, which can diverge from underlying NTA.

This divergence—where LICs trade at a premium or discount to NTA—is a defining feature of the structure and why monthly NTA disclosures are closely monitored. Persistent discounts may attract value investors or prompt capital management discussions, while sustained premiums can reflect strong demand for the manager’s strategy. The immediate share price impact of this NTA release was not evident from public information.

PIC’s Investment Strategy Focused on Australian Equities

Perpetual Equity Investment Company Limited aims to provide investors exposure to a portfolio primarily of Australian, and to some extent international, listed securities with the goal of long-term capital growth and income. PIML leverages Perpetual’s extensive experience in Australian equity management, a discipline the group has practiced for decades.

The company update did not include details of PIC’s portfolio composition as of 1 July 2026. Investors seeking detailed portfolio information should consult PIC’s latest Quarterly Report or Annual Report, which provide comprehensive data on holdings, sector allocations, and portfolio activity.

Technical Note on Deferred Tax Accounting in LIC NTA Reporting

Deferred tax treatment in LIC NTA calculations can be complex. When investments have unrealised capital gains, accounting standards require a provision for potential tax liabilities if those gains are realised. This reduces the after-tax NTA compared to pre-tax NTA.

Unrealised losses may create deferred tax assets that offset deferred tax liabilities on gains. The net deferred tax provision—liabilities minus assets—determines the gap between pre- and post-tax NTA. For PIC as of 1 July 2026, this net provision reduced NTA by $0.009 per share.

Investor Guidance on Using NTA to Evaluate PIC Shares

Investors assessing PIC’s share value can use the disclosed NTA figures as a starting point. Comparing the market price against the post-tax NTA of $1.188 helps identify if shares trade at a premium or discount to the portfolio’s estimated value, a common LIC analysis tool.

However, NTA should not be the sole factor in investment decisions. Considerations include the investment manager’s quality, portfolio track record, fees, dividend policy, and broader market conditions. Investors are advised to seek independent financial advice to determine PIC’s suitability for their circumstances, consistent with disclaimers in the company update.

Outlook and Future NTA Reporting for PIC

Perpetual Equity Investment Company is expected to continue monthly NTA disclosures following standard LIC practice. The next update will likely be after July 2026 month-end, providing further insight into portfolio value trends. Investors and analysts will monitor for significant NTA changes indicating portfolio shifts.

Beyond monthly updates, PIC’s next formal reporting will be its half-year or annual financial report, including audited statements, portfolio reviews, and investment manager commentary. This update contained no additional guidance, portfolio changes, or strategic initiatives beyond the monthly NTA disclosure.